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there, for-profit education has been a big place on fire. it's up 10%. phil lebeau has more for us and breaking news on cars. hey, phil. >> we do, rebecca. the cash for clunkers program, the deadline for dealers to file paperwork at the federal government has been extended once again. remember, it was originally supposed to end at 8:00 last night. government said listen, we'll extend it until noon for the dealers to file paperwork. now they're saying until 8:00 tonight. because there's so many dealers trying to get paperwork in on the cash for clunkers deal. medical list, that's the latest on the program. we're still waiting for the final number in terms of how many sales, as well as how much of the $3 billion the government set aside will be used up for cash for clunkers. >> and i'm still waiting for cash for fall handbags and purses. >> cash for clunkers, refrigerators, appliances, washing machines. >> handbags and shoes. i can't wait. it's going to be great. >> i just want to check for the news. >> let's talk more about ben bernanke and his renomination. what does it mean for th
, everybody. ben bernanke says the worst behind us, nouri el rabinny says the chances of a double-dip recession are increasing. we will discuss who is right and who is wrong. >> another 150 to 200 banks will fail because of the current credit crisis and will be joining us live with details. this is the call on cnbc. >>> stocks moving higher in continuation of friday's rally on optimism that the worst of the optimism is behind us, not everyone agrees, including nuriel roub beanie. we will be bringing you more on that later. right now the dow up by .7 of a percent, five straight days in a row we are in the black. as for the s & p 500 up. and the nasdaq in the back. black. >> all big three talking about earnings improving in the next years. cash for clunkers expiring today but other programs traders are starting to get interest n you know, there is cash for appliances, part of the rebate program, rather part of the stimulus program here, $a 50 to $200 rebates for high-efficiency appliances supposed to start in the next month or two, appliance shipments a horrible time, down 15% year
is is a problem here. stocks up 25% but telling us not much in the term of in way of top line pickup in the third quarter guidance. 6 to 10%, they declined 9.5% in the second quarter, not a sequential improvement we are seeing. as a result, trish, analysts raising estimates the second half of the year and 2010 are going to have pressure lowering the s & p there is lowe's from the month, 18 to $23. >> a subsector. lowe's is so tied to the housing market and not having a recovery. >> they did say they were -- receive sold signs of bottom. remember, these stocks have been moving up in anticipation of top line growth would be manifesting itself in some way, even modestly, and they are not really getting that, not getting the support they need from the bulls. >> talk about later in today's session, late-day rallies, it possible today? >> going to be harder today for a very simple reason. the market opened down immediately almost 200 points. think about what's happened in the last month and a half. when the market opens, people who don't believe in it start shorting the middle of the day and have to co
are in such bad shape and will drag us down, why are retailers up? maybe are you shorting retailers? >> no, i'm not shorting retailers. that's one of the sectors, industry group you don't want to be short in the early stages of a bull market. when something goes from 100 down to 40 and then from 40 back up to 60, that's a big gain but you're still only at 60 on the way back to 100. so keep in mind these numbers. these numbers are not that bad. but one thing you don't want to do is short the retailers or short consumer cyclical in the early stages before market. history is clearly on my side on that one. >> all right, guys.. we're going to leave it there. thanks to both of you for joining us. trish. >> thanks so much. nobel laureate paul krugman saying there's a big reason why the u.s. appears to have averted a second great depression. his answer? big government. so is he right? larry, stay calm. coming up next. >>> liesman versus santelli in today's call of the wild. >> he gets it right sometimes. >> cnbc interview with price line ceo jeff boyd. the company is drawing profits in a tough trave
, here at the fdic, its second quarter banking profile tells us that by the end of june, its list of so-called problem banks was at a 15-year high, some 416 institutions with combined assets of just under $300 billion. fdi-insured banks had a $3.7 billion aggregate net loss in the second quarter, two out of three institutions reporting lower quarterly earnings than a year ago. 28.3% were unprofitable. net chargeoff rates, set a quarterly record. $48.9 billion versus $26.4 billion a year ago. the noncurrent loan rate now at a record level. 41.4, up 14% in the second quarter. fdic chair sheila bair says banks are setting aside more reserves to deal with loan losses, but they will be a headache long after the economy recovers. >> in the second quarter, loss provisions were ten times what they were three years ago. the obvious reason for this is the ongoing need to bolster reserves in the face of rising levels of troubled loans. these credit problems will outlast the recession by at least a couple of quarters. >> now, as far as the health of the fdic, it's deposit insurance fund decreased b
also the cost cutters, look at cosco, for example, their sales down 8% in the u.s. overall, that sector really looking at being down somewhere around 6.2 or so percent. i want to bring in bob, who's watching the retailers. >> is that the big topic yesterday. everybody kept e-mailing me, what the heck is going on with aig here? we're also getting titanic volumes and bic moves up and down in aig as well as other financials. here's the important thing for traders yesterday. we ended the day 0140 million shares of aig traded on a day that normally trades 8 million. folks, that gets your attention. >> something to watch. >> some saying what the heck is that all about. we got an earnings report coming out but you don't trade 134 million shares on an earnings report. look for the explanation, and there's only two explanations. one is all of the funds who are big holders decided not to lend the stock anymore. that's the most likely explanation, trish. there was a ban on naked selling and it's possible they said we will be stingy giving the stock ou out. i know it's not borrowable a
out to us when she started talking about who she was thanking. she was thanking everyone from president clinton to hillary rodham clinton the secretary of state. but listen into some of the other people she thanked along the way. >> steve bing and his crew, and drew liverus and the dow company. >> she said dow chemical, someone we know very well at cnbc, so we reached out to dow to ask them what they had done to contribute. that will be a release going out shortly, but they say they were able to provide aircraft support over the last several days. the dow plane was used in different parts of the mission in recent days. it had us wondering about a lot of questions about what dow chemical's involvement would be in in and there you have the answer. so we'll send it back over to you. this again, that's the involvement of dow. >> certainly? some happy new there is with both of those women returning hole. we appreciate the update. we want to get back to this. mark, we're off 85 points in the dow. bob, you started to get into that little beer company. we had the ceo on last week and
, and just over 13% of all loans in the u.s. are in some kind of trouble. but the culprit loans are changing. >> we had 43 states that actually had a drop in foreclosure starts for the subprime arm, completely flip side on the prime side, increase in foreclosures on prime fixed loans. so it's clearly an issue being driven much more by the economy rather than issues with the type of loan. >> and just take a look at the numbers, the percentage of prime fixed rate loans in delinquency rose 5.it ii 3%, sticking in the last quarter. but now take a look at subprime fix. it actually leveled off in the past quarter. same with subprime arms. and some good news is that foreclosure starts were basically flat, thanks to government and banking industry loan modification programs, and also do a big moratorium in illinois. >> i think foreclosure starts numbers will continue to increase for the prime side, and we may see some continuing flattening or further moderation on the subprime side and may continue to offset each other, but overall, an ongoing increase in the foreclosure starts number, probably thro
used to live in -- i won't mention where or -- the name of the store, but they had a big -- this was -- they had a big home improvement kind of home depot-type store. and the great thing about that store was, i could go in there and get advice on any project i was working on. is that the kind of store yours is? >> yeah, but that's the first part of it. the second part of it is to make money on that. if you come into my store and get advice and go to home depot to buy the product, i haven't made any money. >> okay. so how do you do that? how do you convert? >> my employees are trained, and we agreed, we did a survey of all my employees and asked them if they wanted to join the recession. they all voted no. well, that sounds silly, but they became part of the team of the store. they were there for the store to sell and make sure it succeeded on every part. when i -- >> bill? >> yes, go ahead. >> i'm sorry to interrupt you, but if we don't interrupt you and run a commercial, we're not going to survive. >> that's a good point. bill, we really enjoyed it. thanks so much for co
difficult to recover without china leading us there, at least participating in a big way, right? >> yeah. i think that's absolutely correct. i wouldn't read too much into the selloff that we saw out of the shanghai market last night. we do have to bear in mind that as this rally got under way globally, it was china really sort of with the leading indicator led us up on the upside. all that being said, we're still up significantly off of lows in china, over 50%. this sort of dramatic pullback is to some extent to be expected here. back to the question of sentiment, i actually sound caution sides to the short term. we've seen data coming out of various newsletters here telling us over 50% of sentiment indicators are positive. we haven't seen that kind of imbalance between bulls and bears since 2007. it tells me that this market is getting a little bit complacent on the bullish side. >> ned riley, let me come back to chicago piece. it's such a big number. business activity. this is on a purchasing manages basis. it's 50. production 53. new orders 52.5. the whole manufacturing sector is coming
bob pisani to tell us more about what dick beauvais had to say, advising investors to get out. >> get out short-term. the important thing is the financials were the big movers last week, up 30% in the last month. look at zion went from 10 to 18 in a month. make some sense to take the profit. citi was 250 a month ago, and went to $4 friday. makes sense to take some profit taking. dick beauvais an analyst is fairly influential and fairly widely read. he said that bank stocks were trading on fumes and said take some short-term profits, that the recent rise we have seen in the last month is driven by a change in psychology. everybody thought that essentially banks were inn solvent and now everything is better but the earnings outlook isn't really improving that much. so the bottom line is, we have seen weakness today and that's the group that makes some sense. will the, remember, cit has been a disappointment, as well. remember last week, they're in a big restructuring effort. they may have to file for bankruptcy. if approximate they don't get this debt tender offer through, they're going
that gives us some reason to celebrate. it also gives the administration an opportunity to really fine tune and identify the segments that are still having problems. we can kind of carve those out based on geographic locations, property type, and also price. we know the jumbo homes are still suffering. so clearly those areas that are still suffering would be the place where the opportunities are. so investors would be wise to look to the geographic areas that are still having problems, the types of properties that are still having problem, and the price ranges where there are still issues. >> so why i be afraid of jumping in to a place? i smell opportunity. why wouldn't i be afraid? it sounds like you're talking about florida, second home market, high end. >> exactly. there's a guy who i think is a lot smarter than all of us, warren butch at the time is the one who said that smart people are bullish when everyone else is afraid. in other words, the time to be greedy is when everyone else is fearful. so if you want to follow his advice, not mine, now would be the time. >> sounds like melissa
essentially. 87 cents friday. look at that, it's basically twice as much. aig, a similar story. they used the magic word in the earnings report, stabilized. some businesses have stabilized, and more importantly, the value of their assets have shown improvement. you put the two stories together, what happened here? eased concerns in the financial community about asset quality deterioration, number one. number two, helped people that believe it's going to be a double dip. financials going to deep down later in the year a little more on the back burner here. that's very important. look at the big banks today, they're up again. citigroup up 4%. bank of america up 13. decidioe i sigh zions bancorp up almost 20%. les moonves, the ceo of cnbc went out of his way to say the worst was behind them, some advertisers returning, and he anticipates a significantly stronger second half of the year for the company. once you start allaying the fears that credit quality is deteriorating larry, you get a nice move up in the financials. there's your leadership. >> let's talk more about the jobs report and th
a global economic recession. steve liesman joins us live with all of the details. hey. >> hey, mandy. yeah, the fed chairman giving some guardedly optimistic comments on the economy. let's do the optimistic ones first and then the guarded ones. he says there are good prospects of the term -- and economic activity leveling out. the fears of a financial collapse have receded and markets are functioning more normally now. but strains remain. let's talk about some of the strains. financial institutions face significant added losses. households continue to have trouble accessing credit. and the recovery is likely to be slow at first, and the result of that, and so you're going to have unemployment going to decline only gradually. we talked last night in our special report here with martin feldsteen, and he says the economy is growing right now, but worries about 2010. >> the big question is, what happens next? what do we see in the fourth quarter and in the first quarter of next year, and there is a real danger that it runs out of steam. >> that's really a big issue right here. and the question
. but cash for clunkers put us over the top. lots of traffic and lots of sales at ford and lincoln mercury stores in that last week. >> so george -- >> reporter: george, the big question is whether or not this is sustainable. is this a sugar high, a one time bring in the buyers, you're stealing from the future, or are we looking at something here where we see a turning of the market where consumers are going to come back into showrooms? >> well, i do think there's some la late demand, phil. demand for new cars and trucks is well below just replacement demand. and so what we think happened is that people that were driving, for example, ford explorers that they had purchased in the '90s took this opportunity, took out some insurance on higher fuel prices and our estimate, phil is that in addition to the $4,500 that they might have saved on the new vehicle purchase trading an explorer for a focus or a fusion that the annual gasoline savings to these consumers is in the $1,500 range on an annual basis. so this is not going to have only a first-time, you know, catalyst effect on the economy, bu
to kill us. >> that's right. we keep watching and see if we can turn it around or not. in the meantime, i'll see you this afternoon an "street signs." right now it's time for "the call." >>> the university of michigan's consumer sentiment comes in at 362 for august compared to 66 for june. the wall street journal has hired duf and phelps to auction hedge fund assets. and a $500 million initial public offering using the proceeds to pay down debt. that's cnbc.com news now. i'm courtney reagan. >>> good morning, and welcome to "the call." i'm trish regan. market off 18 128 on the dow on mixed economic news. right now it's looking like it could be an uneven economic recovery. just exactly what is in store for this recovery, and how can you profit from it? hey larry. >> all right, i'm larry kudlow. thanks, trish. the obama administration wants to charge large banks higher fees than its smaller rivals to pay for financial reform. in the "call of the wild" we're going to discuss whether it's a good idea and how you might be affected. hello, melissa. >> hey, larry. i'm melissa francis. michael v
is they didn't give us any guides. but none of these companies are. so i guess we're okay with that. look at these nice moves up on the home builders. remember, there's been a lot of questionable data. here is an unalloyed of good news here. can i get in -- >> i think that's important. >> aster made some comments in thai pai, the third biggest personal computer maker in the world and came out and said that notebook shipments were going to improve. they revised their forecast for notebook shipments rather notably so some of the big hardware companies are doing better today. and aster, of course, has, you know, a lot of clout in the tech world. so that's why we're seeing the techs. >> big question will be whether or not it continues after we see what the fed says today. i want to talk to steve grasso about that. good to see you. >> did you see how natural that was? >> it is very natural. >> hello, bob. >> nice to see you. i've heard so much about you, unbelievable. in the flesh. >> yeah, the big question here. once we hear from the fed, what is this market looking for, basically, and once y
claims as well. where does the economy stand right now? steve liesman is here to break it down for us. steve? >> melissa, thanks. despite walmart's better than expected profit numbers, it was a number of miss when is it comes to sales at the nation's largest retailer and the nation's retailers as a whole. bottom line, the consumer is undermining the clear-cut bullish recovery case, at least for now. take a look at walmart's sales. not the prove it's. down 101 billion, down from $102 billion by 1.4% from the prior year. economists had been expecting a gain of almost 1$103 billion. just like walmart, the overall count of national retail sales disappointed in the month of july. july was down 0.1%, the estimate again for a gain. x autos was the thing that bothered me down 0.6%. we knew we had the cash for clunkers. automobiles, not as much as economists expected. and then i don't have to read the details. all the rest of the stuff was negative when it came to stuff beyond automobiles. a gas station down on lower prices. look at the depth this year compared to other recessions. how much au
serving his shareholders, right? >> absolutely. and for ceos, it's most useful when they talk about public policies that directly effect their businesses. when ceos of industrial companies are talking about the importance of things like free trade, where, you know, that's what they believe, but it also -- those policies directly benefit their companies, their shareholders. i think it's possible, however, to make too much of these boycott efforts. nobody boycotted starbucks. people like good coffee. and i think for liberal people in general when it comes to a choice between good arugula and a good olive bar and their political consciousness, the arugula and the olive bar will win out. >> in one word, dan, should they fire him? >> no. >> no, okay. and susan? >> no, they shouldn't, but he should really focus on making a difference, not divisiveness. >> thank you boeing very much for joining the debate. you know, i agree with what dan said. you're the public face. susan said it, too. you're the public face of the company, you've got to be careful about what you say, no matter what you believe.
. we head uptown right now to rebecca jarvis standing by on the nasdaq, keeping an eye on it for us. hey, rebecca. >> hey, trish. what we are seeing here is a disproportionate weakness in the nasdaq. people should keep in mind with the shanghai composite, there are a number of names that trade here, and a lot of the tech names are multinational companies that get some of their revenue overseas from the likes of china, asia. also of note, you had earnings yesterday after the bell. looked weak to some of wall street, but did say they see signs of stabilization. the question is u is that flat line stabilization, and we see the likes of dell under 3/10 of a percent to the down side. of meantime, a baby goog was born five years ago, it jumped today, not a lot of action in the stock. back then, 100 bucks. meantime, perry ellis another story what we have been hearing out of retailers, the apparel maker essentially cost controls, expense management helped them beat. but they are saying their guidance looks like it's in line. but profitability, they anticipate it could come back by 2010. the
, thank you so much. i want to head uptown now to mr. nesto standing by for us at the nasdaq. what can you tell us? >> yes, trish. time square today, and it's interesting if you look at the nasdaq, 6/10 of a percent higher, all of the heavy lifting done in the first few minutes and they have been trending sideways. flextronics the best single performer. remember, no financials in the ndx, so h spin i show you because it's one of the strongest financials trading at the nasdaq today. the arp, call from rbc, that's ample, rim and palm, all higher. specifically in r.i.m., they think it's on its way to $150 per share. pack car fighting with joy global to top the industrial leadership here today and the markets in general. 3% higher. it is now neutral rated. luke warm. but it was sell rated at goldman sachs. look at huron. of this is a company worth only $300 million. today it was close to a billion. a couple of weeks ago, the company came out with better than expected earnings, but it's just been smashed. the management -- the whole management team quit a couple of weeks ago. but the amazing
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